Watson Print Supplies, Inc., sells laser printers and supplies. Assume Watson started the year with $100$ containers of ink $($average cost of $$9\mathrm{.}10$ each, FIFO cost of $$8\mathrm{.}40$ each, LIFO

cost of $$7\mathrm{.}90$ each$).$ During the year, the company purchased $800$ containers of ink at $$10\mathrm{.}00$ and sold $570$ units for $$20\mathrm{.}00$ each. Watson paid operating expenses throughout

the year, a total of $$5,500.$ Ignore income taxes for this exercise.

Prepare Watson's income statement for the current year ended December $31$ using the average$-$cost$,$ FIFO, and LIFO inventory costing methods. Include a complete statement

heading.

Complete the income statement by selecting the appropriate heading and income statement labels, and then calculating the amounts for each of the three required inventory

methods. $($Calculate unit costs to the nearest cent. Round all other calculations to the nearest whole dollar.$)$